Listing Agent 101: Representing Sellers

    t is well known that representing buyers is usually more time consuming than representing sellers. Most agents show client multiple properties before they find the one that checks all the boxes. To find this property pay close attention to detail and have open lines of communication between you and your buyers. If you are working with first-time homebuyers, they will require even more of your time and attention this process is foreign to them. Seller representation is a bit different, though there are several parallels. The listing agent wears a lot of hats! Of course, there will be lots of documentation and drafting involved.


    But today, let’s take a look at some of the chief duties of a listing agent that are outside of the pencil pushing.


    • As the listing agent, it is your job to capture the property in its best light and convey that to the world. A picture is worth a thousand words. Captivating pictures will stop buyers in their tracks when they are scrolling through hundreds of other properties. With today’s cell phone technology, most cameras can take stunning pictures. Go this route if you are comfortable with your photo skills. If not, hire a real estate photographer. Their professional eye, lighting skills and editing capabilities will ensure high-definition pictures that truly stand out online. This will be your first step in generating interest in the listing. To take it a step further, videos can offer a true “slice of life” to buyers because they can essentially tour the home from the comfort of their own home. 3D/4D virtual tour videos allow the user to tour from room to room like they were physically there inside. To compliment the visuals, an expertly written description will highlight all the amenities of the home. Make sure this is concise, but highlights key features of the home. It is your duty to become the “marketing director” to bring the property to life for your audience.


    • The listing is up and running. Now what? Wait reactively for a buyer to stumble upon your listing? Nah. That’s not your style. If you really want to add more seller clients to your book of business, be proactive and go after those prospective buyers. Perhaps you recently held an open house for a fellow agent in your office. Reference the contacts you collected and reach out to them regarding your hot new listing. Even if this house doesn’t fit the bill for them, it is a nice way to touch base with them and show that you are an active agent in the market. Post this listing to all social media platforms and ask for your friends to share it. Some agents even make it fun and offer an incentive like a gift card for sharing. Most MLS systems offer a “reverse prospecting” feature. This allows you to reach out to agents who are currently working with a client whose criteria matches your listing. Start an email campaign to blast to these agents and get a running start on generating interest. 


    • Though your local board may not encourage holding open houses due to Covid-19 safety precautions, consider holding a virtual open house on Facebook Live or a comparable platform. Treat it like a genuine event and give your “guests” a true virtual experience. 


    • Fast forward and now the listing is experiencing interest. In this market, chances are you are booked with showing requests and may already have multiple offers on the table within the first few days (if not hours) of hitting the market. How do you discern what is the best offer to accept? At first glance, the offer with the most trailing zeros may seem like the way to go. However, there are many considerations to discuss with your seller while reviewing the offers. Is this a cash offer? Conventional financing? Make sure you collect proof of funds to determine their buying power before anyone signs the dotted line. What about any contingencies? Perhaps one offer is waiving inspections and the other wants a 10 day inspection period. This is serious food for thought for your seller to chew on. Are the buyers asking the seller to pay for concessions? Though it is a typical request to have the seller cover some of the buyer’s closing costs, this needs to be factored in as part of the contract price to gauge the strength of the offer. How about title insurance or a home warranty? All of these concessions will offset your seller’s bottom line. Do a comprehensive offer comparison and review the seller’s net to make sure your client feels good about the winning offer. 


    • The grand prize-winning offer has been chosen and now it’s time for the buyer to inspect the property. You receive an itemized list of requests for your seller to repair items in the home. If there are items that relate to safety concerns, then these lists may be lengthy. Other times, they can be more cosmetic. Debate on whether it is feasible for your seller to accommodate the buyer’s requests. Perhaps your seller lives out of the country or out of state. As their agent, you will be their legs on the ground in meeting with various contractors and service people to handle the inspection concerns. Many times, offering the buyer money to offset their closing costs in lieu of repairs are a welcomed alternative. After a hefty down payment, paying for inspectors, earnest money, etc., the average buyer is strapped for cash. You may even want to do a combination of both. You could agree to address some of the items that are significant and put the buyer’s money towards a “carpet allowance,” or something of that nature. There’s more than one way to skin a cat, and the inspection settlement period is no exception. Your #1 concern is to make sure your client is comfortable with the terms of the deal. 


    • You have worked through the repairs and closing is on the horizon. It is best to keep an open line of communication with the buyer’s lender. Though you can’t ask about private financial information, you can have an inside account from the lender directly about the process. You should stay updated on when the lender’s appraisal has been ordered and when things have been sent to underwriting. If things are going to get hairy, this typically where it will happen. Stay on top of these crucial phases so there are no surprises. 


    • The title company will work diligently in searching to make sure there are no liens, other mortgages or any other title defects before your deed is transferred and recorded. They will also need information from both you and your seller to facilitate closing. You will need to break down all of the financial details of the contract, so it is reflected accurately on the final closing statement. This will include things like sales price, concessions, commission, earnest money and admin fees. This ensures figures on the ledger are calculated properly. Do this in a timely manner so that any mistakes can be revised prior to closing. 


    •  It’s almost closing time. Ask the title company to see your seller’s side of the closing disclosure a few days prior to closing to make sure it is copacetic. Make sure to remind the seller to give their utility service provider a heads up that it’s going to change owners. This helps avoid disruption of service and any billing errors. It is best practice to have the entire file with you at closing. It can be printed, or you can have it on your laptop through Dotloop. Don’t forget to bring all keys, fobs and garage door openers for the new buyer. Whether you are in a round table closing state or not, have everything ready for the new owner to move in. It is also a nice gesture to have your seller make a reference list of commonly used numbers in the city like the DMV or municipal building. Let them know little things like what day trash collection occurs. Buyers who are new to the area will really appreciate the seller going the extra mile to help them become acclimated in their new surroundings. 


    We covered a brief chronology in the day in the life of a listing agent. If you are new to working for sellers, ask a seasoned listing agent in your office to shadow them and take notes on their process. You will benefit from being a conscientious observer in this process because there is a lot to absorb. Take lots of notes and don’t be afraid to ask questions. Guess what? Even the top producing agent who has represented thousands of sellers was once in your shoes. They will appreciate being admired enough to ask questions about their know-how. Thanks for visiting and please come back to our Career Corner for more topics on all things real estate! 



    About the Author

    Gabbi knew that real estate was the right career from the start. She is now dual licensed in both Kentucky and Ohio. She had her first sale within a month of getting licensed and hit her first million in volume within her first 6 months. She will have her real estate license for the rest of her life.  Call her anytime if you have questions about becoming a real estate agent. She loves to share her passion for real estate with others!

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